[22 July 2017] Cryptocurrency News: Pump & Hold / Buy Wall Scam

Previously I spoke about Pump & Dump scam. This has evolved into a Pump & Hold scam. The cryptocurrency universe is insane and even when you thought you have all the answers, it has a way of not going as planned. You can do all the research like what I have been doing but speculation and stupidity is still going to rule the day. The era of non-governance is about to end soon if you believe what I wrote in my previous article with regards to Elliott Waves Principle.

Someone tipped me off on Chaincoin a couple of weeks back and that its about to moon. Doing my read up on the coin, I found absolutely nothing about it that was worth the hype. There was this big deal about Masternode going around and I must admit that it is a brilliant concept, but why Chaincoin and not Dash? In fact they are exactly on the same platform but Dash community seems to be more active than Chaincoin. Maybe…just maybe, it might be the poor man’s version of Dash? But I wasn’t buying it.

Chaincoin mooned, my friend doubled his investment, I was bumped for not putting some money in. Told my friend to cash out while he had the chance because I was dead certain it’s going to collapse, but he said the forums and experts said to hold and create a buy wall. Now that made even lesser sense. The crypto world has been making money off pump and dump. My first thought was if you’re going to be holding, I’m going to cash out and make my profit and buy in again when the price dips. And that’s exactly how it turned out. Those who cashed out early made it, those came later to the party got burnt. Next day I got a beep on my phone for a tip off for the next coin - Syndicate. It’s all the rage on YouTube and forums.

That just pisses me off. Talking about coin speculation is a definite way to get hits but when all these speculations are not backed by any sound research, it’s just gonna be disastrous for the community as a whole.

I’ve a rubric for deciding if a coin is worth investing it.

• Does it have a strong community backing the coin?
• Does it provide any real world value or solution?
• Is it all concept or have they produced something to show for?
• Are there any other coins that can do the same thing or similar?
• Do YOU believe in what it does?

The last point is important to me. There are so many coins out there. I placed money on a few of them myself and I’m happy doing so because I like what the coin is about. I may not get a Lamborghini out of it, but I’m happy to support something I believe in.

I’m usually skeptical when there’s too much hype over a coin when it was previously unheard of.

Read, research, participate. The best way to not get scammed is to be knee deep in the community of the coin you’re buying in. That way even if the whales are playing the pump and dump game, you’re not going to be affected by the hype. Not all these coins that get pumped are bad. It’s the hype followed by the quick disappointment that give these coins a bad rep.

Help to spread the word. The slower we can stave off noobs from getting burnt, and from whales from gaming the system, we can hopefully push for a bit more time for the rest of us to make money before the G men come up with policies to protect us from ourselves.

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